Influencing customers’ buying decisions is what marketing is all about. Knowing what makes your customers tick and what factors weigh in on their decisions to buy is the Holy Grail of all marketers. Show
If you want to learn more about what factors influence your customers’ buying decisions, this article is for you. 6 factors that influence your customers’ buying decisions1. ReviewsIn 2017 Spiegel Research Center conducted research with the purpose of finding how reviews have transformed the way consumers make purchase decisions – How online reviews influence sales. The research found that 95% of shoppers read online reviews before making a purchase which makes reviews a powerful form of consumer engagement. They also found that reviews influenced customers’ buying decisions depending on the following factors: the price of the product, degree of uncertainty or risk involved in the purchase, average star rating, presence of negative reviews, number of reviews. Reviews influence customers’ behaviour as follows:  The purchase likelihood for a product with five reviews is 270% greater than the purchase likelihood of a product with no reviews When the price is higher, there is more risk involved in the consumer’s decision. Having more information via reviews helps mitigate that risk; Nearly all of the increase in purchase likelihood occurs within the first 10 reviews, and the first five reviews drive the bulk of this increase. Higher-priced items need at least five reviews to see the greatest conversion impact, whereas lower-priced items only need 2-4 reviews to see a significant impact. source: How online reviews influence sales 2. Brand familiarityIf you are a search marketer you are striving every day to keep your brand visible on the Google Search Results Page. I’m sure you are familiar with the following saying: The best place to hide a dead body is page 2 of Google. That’s another way of saying that you need to have your brand or company appear on the first page because no one has the time nor the patience to go further to page two or three. Additional reading: Learn how to rank 1st in Google search results. The Secret Life of Search is a study based on eye-tracking over 400 search journeys across more than 40 search terms. This study set out to discover how consumer search behaviour has been evolving in recent years and offers a series of interesting and surprising insights. The first insight is that brand familiarity won more clicks on Google. source: Secret Life of Search 3. Customers’ emotional state of mindWhat is the customers’ emotional state of mind when they go shopping? Various reports found that retail therapy – shopping used as a form to relieve stress – is real and is practised by a large percentage of customers. Here is the stress-shopping behaviour broken down by age: Frustration impacts the customer’s buying decision negatively. The following stress factors are driving customers away from your website or shop and into the arms of your competition: Here are the factors that place your customers into a better state of mind thus contributing to increased sales: Additional reading: 6 factors influencing customers’ buying decisions (part 2). Join the ConversationWe’d love to hear what you have to say. Get in touch with us on our LinkedIn Group, Facebook Group or Twitter. Get your tickets What are the 4 factors that influence consumer behavior?In general, there are four factors that influence consumer behaviour. These factors impact whether or not your target customer buys your product. They are cultural, social, personal and psychological.
What factors influence the consumers buying process?In a general scenario, we've got five main factors that determine consumer behavior, i.e these factors regulate if a target customer purchases a product or not. These factors are namely Psychological, Social, Cultural, Personal, and Economic factors.
What are the categories of situational factors that influence consumer buying behavior explain how each of these factors influences buyers decisions quizlet?Situational factors can be classified into five categories: physical surroundings, social surroundings, time perspective, reason for purchase, and the buyer's momentary mood and condition. Psychological influences partly determine people's general behavior and thus influence their behavior as consumers.
Which of the following is an example of a situational factor that could affect a consumer's buying decision?Situational influences are temporary conditions that affect how buyers behave. They include physical factors such as a store's buying locations, layout, music, lighting, and even smells. Companies try to make the physical factors in which consumers shop as favorable as possible.
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Which of the following is not a major category of factors that influence the consumer buying process
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